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I have a 3 payday loans, which I took out of desperation like so many of us. I have been paying fees and even though I'm up to date on my payments I'm having a hard time. I don't know much of the law re: these payday loan companies but I read that they're not legal in Puerto Rico. Was it legal to loan me money knowing I live in PR? What can I do to settle this debt in a fair manner? 1rst loan was with Money World Lending for $300.00, they didn't deduct anything from my account last month and I can't reach them since July, it seems that they are not operating but I dont want to be in trouble and be suddenly charged the full ammount. The 2nd loan is for $150.00 with United Cash loans and the 3rd with One Click Cash both for $150.00. I noticed that the last 2 companies are one and the same but advertise under different names. PLEASE HELP!!! I need to get out of this cicle and this mistake is costing me and my family money so much needed.




We need to know how much you have paid each company, I will look for your state laws for you to look over while you wait

Sub: #1 posted on Thu, 09/11/2008 - 07:06

danilewis82 danilewis82

(Posts: 296 | Credits: )

Prohibited by Small Loan Laws or Usury Caps

Currently eleven states and two territories have small loan laws or usury caps that effectively prohibit payday lending at triple-digit interest rates. In addition, Oregon now caps one-month loans at lower than typical payday rates. The District of Columbia repealed payday loan authorization, effective early in 2008. In addition, the Arkansas Constitution caps rates at 17% annual interest, but the legislature enacted a law that permits check cashers to make single payment loans based on check holding. The constitutionality of payday lending at triple-digit interest rates in Arkansas is being challenged in the courts.

( Arkansas 1)
Connecticut
District of Columbia

Georgia
Maine 2
Maryland
Massachusetts
New Jersey
New York 3 North Carolina 4
Oregon Pennsylvania
Vermont
West Virginia Puerto Rico
Virgin Islands

Sub: #2 posted on Thu, 09/11/2008 - 07:09

danilewis82 danilewis82

(Posts: 296 | Credits: )

The Commonwealth of Puerto Rico is, by definition, a self-governing, unincorporated territory of the United States of America. It is also a Commonwealth by status. All people born in Puerto Rico are statutory U.S. citizens. Because Puerto Rico shares so many political qualities with the United States, it is not really surprising that it has, over the years, shared some of the same controversy over payday loans and cash advances. For a time, Puerto Ricans shared many of the same woes over fast cash loans as did their mainland counterparts ???????? high interest rates, exorbitant fees, and predatory practices, like loan rollovers that stood to leave the consumer in question buried under a mountain of debt.

Nowadays, however, the issue of payday loans is not even one that is up for discussion in Puerto Rico. All fast cash loan providers are obliged to comply with the Commonwealth????????s small loan and financial usury laws. Puerto Rico????????s Laws Ann. tit. 10 ???? 10-998n(f) et seq. P.R. Laws Ann. tit. 10 ???? 10-2511 specifically prohibits deferred deposit transactions, in which a lender exchanges cash for a borrower????????s post-dated check. Even if that wasn????????t a pointed deterrent to cash advances, the island????????s fifteen percent cap on annualized interest rates would certainly be. Essentially, Puerto Rico????????s statutes cap interest rates at a much lower amount than a payday loan provider would typically charge, making them unprofitable.

There have been reports of small payday loan outlets still in practice in Puerto Rico, but they are all operating illicitly. It has been an ongoing campaign by the Puerto Rican government to cut down on these illegal fast cash loan providers, as a part on the ongoing effort to protect the Commonwealth????????s citizens from predatory lending.

Sub: #3 posted on Thu, 09/11/2008 - 07:11

danilewis82 danilewis82

(Posts: 296 | Credits: )

Preferred Cash Loans dba One Click Cash
Phone: 800-230-3266
Fax: 800-803-9136

Email I have (do not know if bounces back or not in the process of sending letter to them since my loan is overpaid and I reside in OH. From the information I have learned and gathered from this boad they are not registered at all).

Email: customerservice(at)oneclickcash.com


United Cash Loans is a loan company that provide cash advance services usually between paydays through its fast online application for up to $500.00 and delivers the cash within the next working day. To qualify for its loan service, one needs to have a regular source of income with $800 per month, have a checking account, must be a US citizen and has to be over 18 years of age,you can send a cease and desist letter to them if you find that they are continuously debiting your checking account even after full repayment of your loans.

If you want to contact United Cash Loans, you can get in touch with their toll free number 800-279-8511

I couldn't find anything on the other company, as far as a number of address, but I would start working on your letters now, they have some sample ones in the DIY section

Good luck, hope this helps

:wink:

Sub: #4 posted on Thu, 09/11/2008 - 07:19

danilewis82 danilewis82

(Posts: 296 | Credits: )

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